LUDHIANA: The recent income tax raids on a Tricity-based builder who has various housing and commercial projects on VIP Road Zirakpur and Zirakpur-Ambala highway have brought trouble for 3,000 investors who had invested in company's flats and shops and made hefty cash payments for the purchase.

Now IT sleauths are ready to send notice to all of them whose names were found in a list recovered from one of the premises of the company during the raids.

These investors will now have to disclose the legitimate source of money from which they made payments and those who fail to do so will have to pay tax and penalty and will also have the risk of being prosecuted.

According to sources majority of these investors are from cities like Chandigarh, Ludhiana, Zirakpur, Mohali, Panchkula and other cities of Haryana, Punjab and there is a significant number from Himachal Pradesh as well.

About 2,000 of the total investors have invested in flats made by the company and 1,000 in the commercial property in the shopping complexes of projects of the company which are in the range of Rs 40 to Rs 60 lakh and more.

It is pertinent to mention here that last week teams led by principal director of income tax (investigation) Parneet Sachdev raided more than 20 premises of the company in question and also sealed the lockers belonging to owners under suspicion of amassing black money.

The investigation in this case is still under way and it is being anticipated that huge amounts of black money will be unearthed in this case when the investigation is over.